How to deal with the bitcoin hard fork as a regular user

Bitcoin (BTC) price fluctuations before the hard fork

If you’re wondering what the bitcoin fork, or hard fork is then you’re not alone. Various agencies around the world are arguing one way or the other regarding the legitimacy of BTC. Bitcoin originated as a digital transaction mechanism that is peer-to-peer and decentralized. It obtains its value from the hardness of the transactions that verify each transaction, and its inherently deflationary structure.

Image: Pixaby

Bitcoin trade histories are recorded publicly and anonymously. These transaction ledgers make up the blockchain. Under the hard fork, the current global blockchain will split to two. If you currently hold BTC, your money will be copied onto both chains, giving you BTC and BTU, which isn’t necessarily a problem; this depends on what you intend to do with your coins. There are some things to keep in these uncertain times in cryptocurrencies.

Contact your exchange

Mostly all exchanges and coin distributors have acknowledged the imminent price split; it’s best to contact your exchange and see their view and actions on what will happen in the event of a price split.

A collective of exchanges (shown here) have gathered to assure users of their actions in the event of the split. Some are claiming that in the event of a price split they’ll ride the wave out first to see what even happens. It’s a very speculative topic, and unfortunately news-based investors will just have to be patient for concrete results.